Traders Market Weekly: September Effect on Risk Appetite

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    Broadcom (AVGO 829.54, +3.70, +0.5%): confirms UK CMA clears Broadcom’s deal to buy VMware (VWM)


    The S&P 500 futures are up 13 points and are trading 0.3% above fair value.
    The Nasdaq 100 futures are up 83 points and are trading 0.6% above fair value.
    The Dow Jones Industrial Average futures are up 46 points and are trading 0.1% above fair value.

    2-yr Treasury note yield is up five basis points to 4.96%
    10-yr note yield is up five basis points to 4.30%.


    U.S. Treasuries lower start with longer tenors expected to resume last week’s underperformance, though the 2-yr note is also set for a weak start.

    People’s Bank of China lowered its one-year loan prime rate by ten basis points to 3.45% while the 5-yr rate was left unchanged at 4.20%.

    Bank stocks underperformed in Hong Kong after the PBoC action was announced due to expectations for more aggressive action.

    Crude oil is climbing toward its high from two weeks ago while the U.S. Dollar Index is down 0.1% at 103.27, dipping back to its 200-day moving average (103.21).

    2-yr: +5 bps to 4.96%
    3-yr: +2 bps to 4.66%
    5-yr: +3 bps to 4.41%
    10-yr: +4 bps to 4.29%
    30-yr: +5 bps to 4.43%


    HOLY CLIMATE CHANGES – as Tropical Storms in ATLANTIC are brewing
    and Hillary fades into the sunset


    Dow 34,463.69 -36.97 -0.11%
    S&P 500 4,399.77 30.06 0.69%
    Nasdaq 13,497.59 206.81 1.56%
    VIX 17.09 -0.21 -1.21%
    Gold 1,923.50 7.00 0.37%
    Oil 80.85 -0.40 -0.49%


    Charles Schwab (SCHW) planning actions to streamline operations related to the integration of TD Ameritrade; to downsize corporate offices, reduce headcount; expects to realize at least $500 mln of incremental annual run-rate cost savings… SCHW up 0.4%


    Fabrinet (FN) beats by $0.06, beats on revs; guides SepQ EPS in-line, revs in-line; adds $47.6 mln to repurchase authorization… FN up 14.0%

    Nordson (NDSN) beats by $0.03, misses on revs; expects Q4 sales to be strongest of the year; guides FY23 EPS below consensus, revs in-line… NDSN down 2.9%

    Zoom Video (ZM) beats by $0.28, beats on revs; guides Q3 EPS above consensus, revs below consensus; guides FY24 EPS above consensus, revs in-line… ZM up 4.6%


    Teva Pharma (TEVA) settles price-fixing charges from 2020 with the U.S. Department of Justice; will pay $225 mln over five years… TEVA up 0.9%


    Coty (COTY) and Marc Jacobs sign and expand long-term license agreement… COTY up 0.7%


    PureCycle Technologies (PCT) in 8K filing: increases amount available to the Company under the indebtedness covenant basket for offerings of unsecured convertible notes from $200 mln to $250 mln… PCT down 14.1%


    Early Bonds: U.S. Treasuries modestly higher. Crude oil spinning around $80 WTI while the U.S. Dollar Index is flat at 103.30.

    Overnight trade saw more efforts to defend the yuan, as state-owned banks intervened in the offshore market while the People’s Bank of China announced a daily fix that was over 1000 pips stronger than what market expected

    2-yr: UNCH at 4.99%
    3-yr: -1 bp to 4.70%
    5-yr: -2 bps to 4.44%
    10-yr: -3 bps to 4.31%
    30-yr: -4 bps to 4.42%


    The Italian government may reduce the pace of its deficit reduction plan. Meanwhile, Italy’s Economy Minister Giorgetti said that he hopes that the EU Stability Pact will not return in 2024.


    Equity indices in the Asia-Pacific region ended Tuesday on a higher note.

    —Equity Markets—

    Japan’s Nikkei: +0.9%
    Hong Kong’s Hang Seng: +1.0%
    China’s Shanghai Composite: +0.9%
    India’s Sensex: UNCH
    South Korea’s Kospi: +0.3%
    Australia’s ASX All Ordinaries: +0.1%


    State-owned banks in China intervened in the offshore market to support the yuan while the People’s Bank of China announced a daily fix that was more than 1000 pips stronger than the market expected.
    Concerns about China’s real estate sector remained in place after a unit of Sino Ocean indicated that it will not be able to pay back the principal amount on its corporate bonds during the 30-day grace period.


    Japan’s Ministry of Finance raised its long-term interest rate forecast for FY24/25 to 1.5% from 1.1%.
    Japan’s July BoJ Core CPI 3.3% yr/yr (expected 2.9%; last 3.0%)

    South Korea’s August Consumer Confidence 103.1 (expected 101.9; last 103.2)

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